3563 E. Hidden Springs Drive
Washington, UT 84780
Beautiful, Private Backyard
Square Footage: 1,686
Housing market reports, news, statistics, and opinions are brought to you by Paula Smith Associate Broker RealtyPath St George. You will find all market condition reports for Southern Utah and the St George real estate forecast. If you would like to have Paula Smith cover particular topics, related to the Southern Utah real estate market, please use the contact information at the top or bottom of this page. Please note, all topics are written by Paula Smith and everything is the intellectual property and opinion of Paula Smith.
3563 E. Hidden Springs Drive
Washington, UT 84780
Beautiful, Private Backyard
Square Footage: 1,686
4586 S. Siesta Drive
St George, UT 84790
PLUS OFFICE (or Den)
Square Footage: 1,850
When I meet with clients who are searching the area for St. George homes, they typically want to know some necessary information about the weather in the city and surrounding communities, as well as the cost of living.View More
Construction is booming in St. George right now. There are many great reasons to check out St. George Utah new construction homes. First of all, new homes are built with the latest safety and quality standards. You have the ability to work with the builder or design center to select colors, flooring, and fixtures throughout the house so that you can decorate it precisely to your taste. New construction also offers many different floor plans to choose from, which means you can customize your new St. George home to suit your needs and lifestyle. Entertain a lot? Go with a formal dining room! Work from home? Have a dedicated home office, the possiblities area endless.View More
If you’re in the market for a St. George home, why not make time to attend the St. George Area Parade of Homes? The annual event is hosted by the Southern Utah Home Builders Association and Zions Bank and will take place this year from February 16th through the 25th. There will be 28 homes available to tour. Each has been built and decorated by a different local builder. Those who tour the St. George Parade of Homes will be able to get an idea of available homes and preview the work of several builders, this is especially helpful if you’re thinking of building and new home in St George and you need to decide on which builder to work with.View More
Winter has set in, despite the unseasonably warmer conditions (my apologies to the east coast, I know you’re getting hit with a cold front) and 2017 has ended. It’s not only the weather that is unseasonably warm for this time a year, the market is still on the hot side too. While it’s typical to see a mild slow down during the holidays, our St George real estate market never stops. Below, you’ll find an illustrative snapshot for the past two years. You’ll notice that sales overall have remained steady. New listings declined in December, which is typical, and we’ll expect a spike for January as well as higher prices as we come into February, when the annual St George Parade of Homes occurs (click the following link for more: Parade of Homes Info).View More
The cost of living is an important factor when considering a move to a new area.
Here is a good question:
A lot of people ask about utilities. They want to know the difference in pricing for our areas.
St George City features 2 utility areas—City of St George (which handles power, water, sewer, trash) however, some areas will fall into Dixie Power. Dixie Power is quite desirable due to the lower cost (among the least expensive in the nation). Dixie Power service area is anything East (to Sand Hollow Reservoir) or South of the Virgin River and including the Bloomington & Sunriver subdivision (Virgin River cuts through Bloomington). https://www.dixiepower.com/services/service-areas/
Dixie power rates are $25/mo plus $.059/kWh (as of Sep 2017) the remaining utilities will be provided by each city designated utility office (for water, sewer, trash etc…).
If you’re searching for a St George Utah condo with a view, look no further. This private end unit in Blackrock is a gated community in St George, and this is a private location offers a stellar view of the Sunbrook Golf Course and our red mountains. You’re going to be inspired the moment you walk through the door and see the panoramic views from over sized back patio. These red mountain views are what people travel here to witness, and you can enjoy them from the comfort of your new home; from your living room, patio, master bedroom and the guestroom.
October 2017 St George Utah Real Estate Market Report
Fall is upon us and it’s been a wonderful break in the temperatures. Our mornings have been crisp and our afternoons warm, leaving something everyone can enjoy. Hopefully you’re outside doing something around our beautiful town. I know the St George Marathon is currently underway, what a perfect time for our many athletes to partake in this race. If you’re out driving around town, you’ll likely encounter a few detours and our restaurants may become busier than usual, welcome racers and fans and we hope everyone will enjoy St George.View More
What is a “reverse mortgage” loan (or HECM) and why would I ever do that? It’s a popular question on a very common loan here in the St George, Utah area and probably most popular in Sunriver (our larger active adult community). Allow me to preface this by stating that I am an real estate agent here in St George and Sunriver, and I am NOT a loan professional, this is only an article written based on my knowledge and experience having had many clients, as well as family utilize this loan. The examples I’ll use below are only basic examples and no way apply to any particular circumstances.
A reverse mortgage can be obtained by anyone 62+. If one spouse is younger than 62 years old, a reverse mortgage can still be obtained, it will just require a bit more of a down payment, since the actual down payment is calculated on the age of the younger spouse (to obtain an exact amount you must speak to a loan professional). The short story is (for those who won’t make it through this lengthy article) is you will put around 50% down and you will not have any payments so long as you remain living in the home. The only thing you’ll be paying is HOA, taxes, and insurance (and of course typical home maintenance & utilities). What you WON'T be paying, is a loan payment. I’ll elaborate a bit more, further on.
Again, the short story is….everyone wants to spend $250,000 for a new home, so they’ll have money left for things they’d like to do (or simply have money for emergency or cash on hand). Once we begin searching for homes, the available homes in this price point are typically not checking off all of the “wants” for the buyer. The typical “want” list is more like: 1600+sqft, private backyard, view, newer, 3 car garage, upgrades…. Well….those homes are usually closer to $400,000 (or more, depending on specifics). So what’s a buyer to do? They only want to spend in the $200’s but they want to have the home in the $400’s. This is when the Reverse Mortgage comes into play. The buyer can have the $400,000 home and put their $200,000 down…viola! They got the home they wanted for the price they wanted to pay.
This is the biggest misconception of these loans. The government won’t just “take” your home. Yes, it’s a government loan, but so is any loan. Fannie, Freddie, FHA, VA….it’s all the same. So long as you’re living in the home, the home is yours. Now if you try to move to another home and rent out the Reverse Mortgage home, yes…your home will be sold…BUT….it’s not like this happens overnight without your knowledge—leaving you with nothing. You own the home. If you want to sell it—go right ahead. You’ll be paying off the loan (just as you would any other loan) and you’ll keep any proceeds left over. It’s discouraged to do a Reverse Mortgage loan only to turn around and sell it only because it’s a more expensive loan to have (but you’ll have all of the figures LONG before you sign any documents). The point of this, is that you CAN sell it—it’s your home! The government wont “take” it. If you move from it, they will step in and begin the process to sell it. When the last remaining original spouse passes away, that spouse can still leave the home to a beneficiary, which they can utilize the first year to sort through effects. After a year, the bank will step in and assign a real estate agent to list the home for sale. Once the home is sold, the bank loan will be paid off and if there are any remaining proceeds, it will be sent to the beneficiary(s). If, for example, the economy has declined into a low and the home loan payoff is $250,000 and the home is only worth $200,000; then the beneficiary may utilize the first year, then once it’s sold they will walk away. They will not be billed for the difference.
How does the loan work?
So, in a traditional forward loan, you make monthly payments and part of those payments goes to principal (to pay down the loan) and the rest goes toward interest. In a reverse loan, you’re not paying anything—however the interests will accrue each month. You’ll know the interest rate from the very beginning, so this won’t be a surprise. As an example, perhaps you’ll start out with a reverse mortgage loan of $200,000 and you live for 15 years, then you pass away and leave the home to your family, or beneficiary. Maybe the loan payoff is now $290,000 (again…I’m totally pulling all of these figures out of thin air—nothing has actually been calculated) and the home is worth $400,000. So your beneficiary can use the first year to sort through your things, estate sales, whatever they need to do….the home is sold, the loan is paid, and the beneficiary will receive a proceeds for the difference (less the payoff and real estate transfer fees). Yes, the loan will essentially get larger each month, but that is because you’re not paying anything over the life of the loan.
What type of home can I do a reverse mortgage loan on?
The answer is simple…any home! You can do a reverse mortgage on any home that meets FHA guidelines. The home has to be appraised, just like with any other loan. The biggest misconception I’ve found is that buyers believe they must do the reverse mortgage loan when they first buy the home—if they don’t, they cannot obtain the reverse mortgage loan. This is NOT the case. You can do a reverse mortgage any time you want to. Maybe you’re thinking of moving to St George, Utah but you’re not sure if you’re going to like it. You may consider purchasing a home with a traditional loan (or cash) and then once you decide you want to stay forever (most people do!) then you can apply for the reverse mortgage loan then. Here is a link with more information on a reverse mortgage loan.
If you’re interested in purchasing a home in St George, contact Paula Smith with Red Rock Real Estate today. I can assist you with all aspects of your purchase and put you in contact with a reputable reverse mortgage lender.